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Avalanche's AVAX token saw a sharp 10% drop to $24.92 following a security breach that targeted BtcTurk, Turkey's largest crypto exchange on Saturday, according to data from CoinGecko and analysis by on-chain detective ZachXBT .
“The culprit has been moving 1.96 million AVAX ($54.2 million) and transferring it to Coinbase/THORChain,” ZachXBT noted in a series of tweets about the incident.
“AVAX is down 10% in the last few hours, probably because this entity started moving, transferring 1.96 million AVAX ($54.2 million) to Coinbase, Binance, Gate and bridging through THORChain “ZachXBT added in a separate post on his Telegram channel. .
BtcTurk confirmed the cyberattack on June 22, which led to unauthorized withdrawals. The exact loss remains undisclosed, but the exchange assured that most of the cold-stored funds are safe and users' assets are not at risk.
Established in 2013, BtcTurk is a prominent player in Turkey's crypto market and offers a range of services including trading and e-wallets. The exchange temporarily stopped cryptocurrency deposits and withdrawals and is working with authorities to investigate the breach.
Following the incident, Binance CEO Richard Teng said in a post on X that Binance actively assisted BtcTurk in the investigation and has already recovered $5.3 million in stolen funds transferred to the platform.
Binance is assisting BtcTurk with investigations and has so far frozen over $5.3 million in stolen funds.
Our research and security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant. https://t.co/8j6uMgOPm6
– Richard Teng (@_RichardTeng) June 22, 2024
BtcTurk has become the latest crypto exchange to be targeted by cyberattacks. At the end of May, the Japanese crypto exchange DMM Bitcoin hit by security breach. The incident resulted in a loss of 4,502.9 Bitcoins (BTC), equivalent to more than $300 million. Earlier this month, DMM Bitcoin announced its plans to refund affected customers.
This is a developing story – we will provide updates on the situation as we learn more.
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